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ISA accidental exceedence returns
tbo127
Posts: 134 Forumite
If you accidentally deposit an amount which takes you over your tax free ISA allowance, I know most banks return this automatically to your current account. But is this amount taxed and would you still need to report it to HMRC? Or is it just instantly rejected and returned by the bank before it can start earning interest/violate the ISA rules?
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If you exceed the £20k annual allowance with one ISA provider, and haven't paid anything into any other ISA in the same tax year, then the ISA provider will just reject the payment that takes you over and that will be the end of the matter. No interest would be paid on the rejected sum.
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